Filing Flows › Goldman Sachs Group (GS) › Q3 2025
Goldman Sachs Group (GS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Goldman Sachs Group (GS) reported revenue of $15.2B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +4% from the quarter before. Operating margin was 35.5%, net earnings $4.1B (27.0% of revenue).
Goldman Sachs Group, Q3 2025: revenue $15.2B (+20% year over year), operating margin 35.5%, net earnings $4.1B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.2B | +4% | +20% |
| Operating profit | $5.4B | +9% | +35% |
| Net earnings | $4.1B | +10% | +37% |
| Operating cash flow | $2.7B | -53% | — |
| Free cash flow | $2.1B | -59% | — |
What changed
Revenue was $15.2B in Q3 2025, up 20% year over year and up 4% from the previous quarter. Global Banking & Markets was the largest line at 67% of revenue. Global Banking & Markets added $1.6B year over year (up 18%), 63% of the total change.
Operating profit was $5.4B, a 35.5% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 57% reached operating profit, above the 31% margin then. Total costs grew 12% against revenue growth of 20%. Net earnings were $4.1B, up 37% year over year. The effective tax rate was 24.0%.
Operating cash flow was $2.7B, 65% of net earnings. Non-cash charges added back $0.53B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items used $2.2B. Capital expenditures of $0.56B left free cash flow of $2.1B.
Questions
What was Goldman Sachs Group's revenue in the third quarter 2025?
Goldman Sachs Group (GS) reported revenue of $15.2B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +4% from the quarter before.
Was Goldman Sachs Group profitable in the third quarter 2025?
Operating profit was $5.4B (35.5% of revenue) and net earnings $4.1B.